EQT VI is set to acquire Aker Solutions ASA’s Well Intervention Services business for an enterprise value of NOK 4 billion (US$658 million). The Well Intervention Services business is a market leader in the North Sea and one of three major players in the global wireline tractor market.
As part of the transaction, Jørgen Peter Rasmussen has been appointed president and CEO. Rasmussen is an oil industry veteran who has previously been president and CEO of global oilfield service provider Archer Ltd. He has also spent more than 25 years in management positions with Schlumberger.
Additionally, Øyvind Eriksen, CEO of Aker ASA and executive chairman of Aker Solutions ASA, will take the position as board member of the company.
“The Well Intervention Services business has an impressive and proven track record from more than 30 years in this segment, but we also see strong potential for further growth and improvement of this well-established company,” said Odd Christopher Hansen, EQT industrial advisor and designated chairman of the company’s future board of directors. “EQT’s business plan will focus on supporting the company’s growth ambitions through further investments in R&D, assets and people.”
The transaction is expected to be completed around the end of 2013, pending clearance from Norwegian competition authorities.